What to consider before choosing your commercial space to rent

Are you looking for a commercial space for rent?

As the name suggests, a commercial space is intended for running your future business activity. Throughout your operations, you will be bound to the property owner by a contract: the commercial lease.

To make sure you make the right choices, Plan A gives you tips on renting commercial spaces!

How to Choose the Right Commercial Space

Choosing the commercial space to rent is an integral part of your business strategy, whether it involves identifying your target customers or managing your budget. Make sure to make the right choice by following these tips:

1. Choose According to Your Business Activity

The type of commercial space varies depending on whether you want to set up a gym, a bakery, or a clothing store. To define your needs, start by creating your specifications document.

For example, you can define:

• The required area for your sales zone
• The storage area
• The size and visibility of the storefront

A specifications document will help you make an objective and strategic choice based on your needs and expectations, rather than personal preferences.

Of course, the ideal space can be hard to find, and you may need to adapt your concept based on the location. Don’t hesitate to refine your idea during visits and stay open to great opportunities!

In this process, be accompanied by professionals who can guide you and help ensure your project’s success.

2. Choose Your Commercial Space Based on Budget and Potential

Your space should be chosen based on its rental value, meaning the cost/revenue ratio according to your budget, as well as its sales and revenue potential.

Note that the price of a commercial space includes the purchase or rental cost, as well as any fit-out or compliance work. Its rental value depends on market prices, characteristics, and location.

Rental value can also be determined by commercial potential. For example, a downtown space on a busy, sunny street will have a higher price.

The overall cost of a commercial space includes:

• Rent
• Monthly charges relative to your projected budget
• Renovation costs
• Fit-out costs

All these elements should be considered during your search and will help you determine if you are in the right location for your business.

Call on Plan A to Find a Commercial Space

Plan A provides commercial spaces across different regions of Quebec. Do you have questions about available spaces or regulations? A member of our team will be happy to assist you and guide you through your search.